India, New Delhi: India is getting ready to impose more curbs on steel imports, including introducing a safeguard duty, after a 20% import tax failed to contain losses for producers such as Steel Authority of India.
After SAIL, JSW Steel and Essar Steel had complained that surging imports from Indonesia, China, Japan, Russia, Ukraine and South Korea were squeezing their market share and profit margins, in September India imposed the 20% import tax on some steel products as the government initiated an investigation into the rising imports from these countries, reports Live Mint.
In October, steelmakers asked the government to impose a safeguard duty for four years on imports of hot-rolled flat sheets and plates of alloy or non-alloy steel, and set a minimum import price to contain cheaper steel imports.
The finance ministry directorate in charge of imposing temporary import curbs said on Tuesday that it found enough evidence to prove that increases in imports “have caused or threatening to cause serious injury to the domestic producers”.
The directorate has asked foreign companies and other stakeholders to submit their views within 30 days before taking a decision.
Source: Live Mint